What is Growth Hacking?

What is Growth Hacking?
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Launching new ventures in the internet world seems quite easy at first. However, when you fail to reach the goals you initially set and cannot attract enough visitors, your positive thoughts about your venture might fade away. The concept that explains this situation is called growth hacking.

What is Growth Hacking?

Growth Hacking is a concept that encompasses the entire focus-on-growth strategies of startups that are still in the early stages and aim to grow quickly with a low budget. This concept was introduced by Sean Ellis, the founder and CEO of GrowthHackers, in 2010. Individuals who carry out this activity are called Growth Hackers. Generally, they conduct online marketing activities and try all methods that work for their business. They often utilize methods such as SEO, social media marketing, content marketing, mobile marketing, email marketing, and Google Analytics. These are also effective methods used by existing large formations.

How is Growth Hacking Done?

The methods used in growth hacking can be described as follows.

Acquisition (Attracting Potential Users)

The first step in growth hacking is to announce your product or project. You need to reach out to people who could use your product to identify potential users. You should promote your product considering their desires. Also, determining which channels allow you to reach more visitors is crucial. Considering these channels when advertising provides significant advantages in terms of budget and time savings.

Activation (Activating Users)

After persuading users to visit your website, you should try various ways to keep them there. It’s necessary to activate the target audience on your website. You can offer activities or show videos on your website to the users. Additionally, internal linking, current articles, and images can also make your website more attractive.

Retention (Retaining Users)

In addition to making users like your website, you should ensure they return. For this purpose, collecting emails from visitors to your website and sending them informative emails can prevent them from forgetting your website. Emails notified by social media platforms to your visitors can serve as an example.

Referral (Gaining Users Through References)

As the number of users who reference your company increases, so does the trust in you. Therefore, it’s very important to encourage users to recommend your website. For instance, you can offer certain campaigns to users when they recommend your website. This way, the recommendation and recognition rate of your website increases.

Revenue (Generating Income from Users)

The main goal of all ventures is to convert their efforts into profit. However, setting up a venture solely for profit can slow down the growth rate. Moreover, focusing on the outcome that will emerge eventually is a mistake. According to the concept of Growth Hacking, increasing website traffic and ensuring visitors stay longer is much more important.

Thus, it’s easier to see users as potential happy customers.

How Does Growth Hacking Work?

The operation of the Growth Hacking concept relies on the following three methods:

1- Analysis of Data

Analyzing data related to users is very important for the growth of your website. Growth Hackers have sufficient knowledge about tools such as Google Analytics, Kissmetrics, Mixpanel, and Hotjar to perform this.

2- Interpretation of Technical Information

During the growth process of your website, ideas are quickly tested. Then, failed ideas are analyzed and corrected, while successful ones continue to be implemented. In this process, Growth Hackers must have high technical knowledge.

3- Creative Thinking

The most crucial factor in the success of Growth Hackers is their ability to find extraordinary solutions to problems. The way to achieve this is to have the ability to think creatively.

Growth Hacking is an effective concept that you need to focus on in the digital world. Thus, it becomes easier to stand and launch new ventures. You can get all the support you need for Growth Hacking activities through CRM Media.

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